Macquarie remains lukewarm for Goldcorp (GG-6.2%) even after weak Q1 results. Noting that GG typically trades at a 20%-50% premium valuation vs. peers, "Given the superior quality of Goldcorp’s assets, growth and cost profile, balance sheet and management, we believe the current lack of premium is unwarranted. We also believe concerns with respect to Argentina may be overstated.”